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bswift Celebrates 10 Years of Benefits Transformation

Firm Reports Substantial Growth During Down Economic Year

CHICAGO (February 9, 2010) —bswift, an innovator in Business Process Outsourcing (BPO) solutions for benefits administration, announced today that the company is celebrating its 10th year in business and reporting a compound annual growth rate of 69 percent since 2006. The firm helps companies transform inefficient Human Resources (HR) and benefits administration processes into streamlined, automated solutions for both employees and employers.

In 2009, bswift added 19 new customers and reported recurring revenue growth of 37 percent, bucking the widespread economic downturn. Notably, most new customers switched to bswift from other benefit administration vendors—attracted by bswift’s value proposition of “better results for less money.”

In May 2009, Forrester Consulting, a leading technology and market research firm, published a study measuring the Total Economic Impact (TEI™) of the bswift benefits administration solution. Forrester noted that employers found net savings of $138 per employee per year by implementing the bswift Software-as-a-Service (SaaS) solution, and given bswift’s low upfront costs, realized these savings almost immediately.

Another bswift 2009 highlight was the emergence of the firm at the forefront of health care reform when it was selected as the technology provider for the State of Utah’s innovative "Utah Health Exchange" initiative. Utah’s consumer-centric, employer-financed model is similar to numerous federal and state health reform options under consideration today.

"Utah chose bswift because our configurable, agile technology was able to deliver a robust system for the state’s limited launch within 90 days of signing the contract," said bswift CEO Richard Gallun.

"2009 was a difficult year for most of the country, which makes our company’s achievements that much more remarkable," added Gallun.

Looking ahead to 2010 and beyond, Gallun noted that health care costs will continue to outpace inflation and consume a disproportionate share of companies’ operating profits, and he believes bswift is poised for significant growth as it helps companies and organizations manage these costs and improve employee satisfaction with benefits. He anticipates annual growth to continue in the 50 percent range as the firm solidifies its position as a leading national provider of benefits BPO and SaaS solutions and focuses on the growing value of the niche.

About bswift
Based in Chicago, bswift offers software and services that streamline HR and benefits administration. More than 4,000 companies tap bswift’s state-of-the-art Software-as-a-Service (SaaS) technology and Business Process Outsourcing (BPO) solutions to significantly reduce administrative costs and time-consuming paperwork, making life easier for HR staff and employees alike. For more information, visit www.bswift.com.

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